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Is my system too simple?
Hi, Long time lurker here.
I'd like my advice on my system.
I have demo traded for 4 months, then went live with ?4,000 (spread betting). And i have made a consistent profit every week.
The system is basically as follows.
I watch the m1 chart on the DAX and look for pin bars that swing out out the current range or trend. I then trade them in the standard pin bar fashion. Trade the break. Stop loss 1 point just below/above the tail.
And that's it, I don't look at other time frames, no indicators, no support and resistance, no trend lines, no MA's fibs or key levels. literally nothing else. With the exception of not trading around news.
My risk management is a follows.
Risk 1% (?40) per trade
4 losing trades in a row and thats it for the day
If the pin requires more then a 10 point stop, no trade.
Exit at around 6/7 pips. (trades rarely last longer then 2 minutes)
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